Daily Business Wrap - Abraaj founder released from jail on $19m bail - video Dailymotion

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Founder Arif Naqvi says he maintains his innocence, and elsewhere, UAE Cabinet cancels fees for over 1,500 government services. Latest news from the UAE and around the world brought to you by Gulf News. See more at: http://gulfnews.com/videos

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00:00The founder of the now bankrupt Abraj Group, Arif Nagvi, has just been released from custody

00:07after paying $19 million in bail.

00:09Nagvi was being held in a prison facility in London after he was arrested in April on

00:13charges relating to fraud.

00:15A statement on behalf of the Pakistani businessman said that he, quote, maintains his innocence

00:19and expects to be cleared of all charges.

00:21On top of the $19 million bail money, Nagvi has been forced to surrender his passport,

00:26wear an electronic tag, and remain under 24-hour curfew at a certain address provided

00:30to the court.

00:32This all comes after Abraj in mid-2018 filed for liquidation in the Cayman Islands after

00:36once being with the Middle East's largest equity fund.

00:40In other news, the UAE cabinet late on Tuesday approved the decision to abolish the fees

00:44of 1,500 government services relating to the Ministries of Interior, the Ministry of Economy,

00:50and the Ministry of Human Resources.

00:52Analysts said the move is expected to have a positive impact on the economy, especially

00:56amid challenges faced by private businesses in the country.

00:59And finally, the UAE has been ranked as one of the top five most competitive economies

01:03in the world, making it also the most competitive economy in the Arab world.

01:07According to the IMD World Ranking Report, Singapore came in the top spot as the most

01:11competitive economy, followed by Hong Kong, the US, Switzerland, and the UAE.

01:16IMD officials said the jump in the UAE's ranking is mainly due to an improvement in government

01:20efficiency, especially relating to business legislation.

01:24For more details on these stories and more, please do check us out at gulfnews.com forward

01:28slash business.

01:29This has been the Daily Business Wrap.

01:30Thank you so much for watching.

Daily Business Wrap - Abraaj founder released from jail on $19m bail

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